 |
Traditional IRA |
 |
A Traditional IRA allows you to defer taxes on earnings of contributions
until they are withdrawn. Contributions may be tax deductible in the tax
year in which they are made.
Riverfront's Traditional IRA allows
you to easily save for your retirement by offering:
- Low minimum
deposits - begin investing with just $1.
- Easy contribution options -
Make deposits through
- Payroll deduction, direct deposit through the
mail or in person.
- Fee free account - Pay no annual fee or
enrollment fees for this account.
- Competitive interest rates which
are compounded monthly.
- Your funds are federally insured up to at
least $250,000 and backed by the full faith and credit of the United
States Government through the National Credit Union Administration
To be eligible to open a Traditional IRA an individual must have earned
income and be younger than 70 ½ years of age.
You may contribute
any amount up to 100 percent of your earned income or $5000, whichever is
less. Individuals age 50 and over can make an additional "Catch Up"
contribution of $1000 for an annual total of $6000. The IRS may change
contributions limits on an annual basis.
IRA's for a taxable year
can be opened and/or funded anytime between the first day of the tax year
and the date a tax return is due for that year, excluding extensions. For
most taxpayers this due date is April 15 of the following year.
Traditional IRA earnings remain tax deferred until you make withdrawals
from the account. They are then taxed as income in the year they are
withdrawn.
You must begin to make required minimum distributions
from your Traditional IRA at age 70 ½ or risk additional tax penalties.
To start investing with Riverfront,
Contact Us for an application.
For specific information regarding IRA rules and regulations and how
they may apply to your individual circumstances you are encouraged to
consult your tax or legal professional. Riverfront cannot offer tax or
legal advice. You may also refer to IRS Publication 590.
Investment Disclosure
|
